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tv   Business Briefing  BBC News  April 16, 2019 5:30am-5:46am BST

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airways this is the business briefing. i'm sally bundock. last ditch talks to rescuejet airways — the board of the troubled indian airline meets today after its lenders reject its latest plans. the boss of volkswagen tells the bbc he's not proud of the car giants association with the chinese government and its detention of thousands of muslim minority people in the west of the country. and on the markets... the focus is all on earnings with companies like goldman sachs disappointing and citigroup dampening trade a little bit as you can see in asia just slightly up.
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there is no relief for jet airways after it failed to get interim funding from its lenders. the airline's board is meeting right now to decide on the fate of the troubled carrier. the airline has more than $1.2 billion in debt, and its pilots who haven't been paid have been threatening to go on strike. it's also extended cancellation of international operations until thursday. let's get more on this story, monica millerjoins us now from delhi. what are you hearing, it is coming to the wire now? it is and people have more questions than answers stop the board is going to beat in
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just about an hour and figure out what than explain this. the ceo had written a letter to its employees saying that the funding they had asked for — more than $200 million — has not come through. we are in dire straits for this airline. we have had customers are displaced and have had customers are displaced and have had a tough time getting any sort of compensation and rescheduling. this goes back to last thursday when international flights to places like singapore, paris, london and amsterdam were cancelled. there was very little warning. date would have to pay an exorbitant fee to find another flight. — they would. they are looking for someone to take over are looking for someone to take over a 75% stake which of the state bank of india has taken on temporarily but they do not want these on their
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books. reports saying there are three possible people interested in this, but none of this has been necessarily going to get them through the end of the month. they literally do not have enough gas to last them through to tuesday but they still owe a lot of people money, including those pilots which have decided not to go on strike to give the airline a chance to survive. but these claims are being decommissioned and once it is deregistered, rather, at this point they only have seven aeroplanes available. you have to put this in perspective. this was one of india's biggest airlines. it broke the monopoly in the 19905 and bigge5t airline5. it broke the monopoly in the 19905 and now it only has seven planes 5o monopoly in the 19905 and now it only has seven planes so it is really having a tough time and it is
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unclear if it will make it to the end of the month. we will talk to you again about this but for now thank you. let's turn our attention to the car industry, because the shanghai auto show is underway and it highlights the race to make electric cars. sales of electric vehicles 5urged more than 60% in china last year, when overall car sales fell for the first time in decades. our shanghai correspondent robin brant is there. robin, you met with the boss of vol5wagen earlier today. it was interesting but he had to say to you. i'd talk to him about vw's ambition. they have been in china for a long time and many people think they are a chinese company. electrification has been the dominant thing and volkswagen will unveil 70 new energy vehicle5 dominant thing and volkswagen will unveil 70 new energy vehicles in the
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coming nine years. the chinese government want one in four x 2025 to bea government want one in four x 2025 to be a new energy vehicle. like all the big players, vw pu5hing to be a new energy vehicle. like all the big players, vw pushing for electrification. but i talked to the ceo about working here. enter the la5t ceo about working here. enter the last six months, the chinese government has confirmed detention camps government has confirmed detention ca m ps after government has confirmed detention camp5 after report5 government has confirmed detention camp5 after reports that ten5 government has confirmed detention camp5 after reports that tens of thou5and5 camp5 after reports that tens of thousands of muslim chine5e camp5 after reports that tens of thousands of muslim chinese have been detained against their well as pa rt been detained against their well as part of a broader counter terrorist effort. i asked part of a broader counter terrorist effort. ia5ked him if part of a broader counter terrorist effort. i asked him if he was proud to be associated with the chinese government? we are not... we are happy to have a facility they. are you proud to be associated... ? we are absolutely proud to also create workplaces in the region which we
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think is very useful. but she and jan i5 think is very useful. but she and janis something think is very useful. but she and jan is something you think is very useful. but she and janis something you are think is very useful. but she and jan is something you are not think is very useful. but she and janis something you are not proud of being associated with that? i cannotjudge it. of being associated with that? i cannot judge it. but of being associated with that? i cannotjudge it. but you know about it? you do not know what you are referring to? the re-education camps a5 referring to? the re-education camps as part of his counter terror threat in the west of the country? i am not aware of it. a man of his seniority in charge of a company that has been in china for 30 years maintaining hi5 not aware of these detention camps and says he cannotjudge them. thi5 camps and says he cannotjudge them. this car show happening after a tough yearfor this car show happening after a tough year for automakers. a 10th 5traight month of decline. the environment is tough but volkswagen 5ay environment is tough but volkswagen say they are positive about the end
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of the year and that they will turn thing5 of the year and that they will turn things around. really interesting that interview. now let's brief you on some other business stories: jack ma continues to argue for a 9am to 9pm working day, and a six day week, known as the 996 system. last week, the boss of online shopping giant alibaba wrote that without the system, china's economy was very likely to lose vitality and impetus. his 5tance was backed by fellow tech entrepreneur richard liu, the boss of ecommerce giantjd.com. online retail giant amazon's website is flooded with fake five—star reviews for products from brand5 it has never heard of, uk consumer group which? claim5. thousands of these were unverified, meaning there was no evidence the reviewer bought the product, it said. amazon said it was using automated technology to weed out false reviews. european union countries have approved plans for trade talks with the united states. the decision by eu mini5ter5 give5 the commission authorisation
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to conduct formal talk5. but there is already a disagreement over whether agricultural good5 should be covered by the talks. talks between the us and japan are continuing in washington. after launching bli5tering tariffs on allies and rival5 alike, president trump's trade team has completed a new north american trade pact with canada and mexico and another with south korea. the us also appears to be approaching the final stages of a deal with china. let's go to our asia business hub where rico hizon i5 following the story. nice to see you. tell us how these talks are going? trade negotiators from both countries have completed their first day of negotiations,
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sally, but so far no word of progre55. prior to negotiations, both sides hoping to reach a new trade deal. remember, underthe obama administration, the us was pa rt obama administration, the us was part of the tpp but president trump withdrew immediately after taking office, saying it was not good for the us economy. japan is part of the tpp group and its trade deficit is under $7 trillion and the japanese have been threatened by washington with tariffs. shinzo abe i5 have been threatened by washington with tariffs. shinzo abe is keen to avoid this. the issue also has a free trade agreement with the eu and that means japan has been importing product5 that means japan has been importing products like beef and cheese a lot
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cheaper from europe all countries like australia and with the us not being part of the tpp, american product5 being part of the tpp, american products are a lot more expensive. both leaders aren't golfing buddie5 and if they have a lot to talk about because they will be meeting quite a number of times. —— are golfing buddie5. they will be meeting in japan at the end ofjune a5 buddie5. they will be meeting in japan at the end ofjune as well. the latest on that. good to know. thi5 the latest on that. good to know. this is about how corporate america i5 this is about how corporate america is doing as many big companies will report that earning5 is doing as many big companies will report that earnings and that is where attention will be, is the american economy robu5t? morgan sta nley, american economy robu5t? morgan stanley, netflix, the banks — that the bank of america will be
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releasing data. i will be back soon. new research suggests that 5tatin5, drugs which are designed to lower cholesterol, don't work well enough for around half of the patients who are on them. a study published in the heart medicaljournal, says it's unclear why some people don't respond, but warn5 it could put them at greater risk of developing cardiovascular disease in the future. our health correspondent, rob si55on5 has the details. million5 millions of people in the uk are on 5tatin5, medication 5hown millions of people in the uk are on 5tatin5, medication shown to reduce the risk of heart disease and stroke by reducing bad cholesterol. but the
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university of nottingham have analysed patient records of more than 165,000 patients in the uk who did not have a history of cardiovascular disease. the good new5 cardiovascular disease. the good news is in around half the patient there was a significant benefit after taking 5tatin5. harmful cholesterol levels went down at lea5t cholesterol levels went down at least 40% of the other half saw little benefit5 least 40% of the other half saw little benefits from 5tatin5 within two yea r5. little benefits from 5tatin5 within two years. re5earcher5 5ay little benefits from 5tatin5 within two years. re5earcher5 say they could be many reasons why some patients do not do as well as other5. patients do not do as well as others. individuals may not be following instructions. the other reason could be there is some genetic variation which we are certainly learning a lot about now. a front—line gp involved in the 5tudy a front—line gp involved in the study says follow—up maybe needed. clearly 5ome study says follow—up maybe needed. clearly some patients need clo5er monitoring and that needs to be taken into monitoring and that needs to be
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ta ken into account. monitoring and that needs to be taken into account. the british heart foundation 5ay5 5tatin5 5ave live5 heart foundation 5ay5 5tatin5 5ave lives but if you have any doubts contact your gp. coming up at six o'clock on breakfast dan walker and louise minchin will have all the day's new5, business, and sport. this is the briefing from bbc news. the latest headlines: back under control — after one of the world's most famous landmarks, notre dame cathedral in paris, has been engulfed by fire. firefighters say the blaze could be linked to ongoing restoration work. de5pite major efforts to fight the fire, and just a few hours after it began, people were left shocked the moment the 5pire collap5ed. there are fears for the rose window5, paintings, and other artefact5. although some, including a crown of thorn5 and a medieval royal tunic, are safe.
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a5 as you can imagine, all the physical newspapers, as in as you can imagine, all the physical new5paper5, as in the hardcopie5 we get and we read on our way into work, are covered in dramatic p i ctu re5 work, are covered in dramatic pictu re5 of work, are covered in dramatic pictures of what happened in paris. let's begin in france, with the front page of le figaro. a photo capturing the heartbreaking moment notre dame's iconic 5pire began to topple — the headline reading the di5a5ter. a terrible spectacle of desolation — we witness the solidarity and sadness of the world. it is, of course, the story dominating headline5, in the daily telegraph. pari5 weep5 for its beloved lady. another 5triking photograph of one of the pari5‘5 most significant and much loved landmarks. to the financial times now. former volk5wagon bo55 martin winterkorn and four others have been charged with fraud over their alleged involvement in the die5el—emi55ion5 5candal. next to the guardian, where scientists have
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expressed their grave concern5 about micropla5tic5 and the ability of strong winds to blow them everywhere and anywhere — including pri5tine mountain ranges. and finally in the times — more pregnant at a0. the costs of parenthood is forcing women to delay pregnancy until their 405, according to the latest research by the uk office for national statistics. with me is david buik — a market commentatorfrom core spreads. he will talk u5 he will talk us through the stories. david, i don't know about you, but everybody 5ay5 david, i don't know about you, but everybody says we were just watching a5 everybody says we were just watching as this all unfolded, the shock, but the deep 5adne55. as this all unfolded, the shock, but the deep sadness. well, everybody has been to paris. they do not have 5ky5craper5. it is the most beautiful city. this beautiful cathedral ju5t dominates the
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skyline. you have

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